Perseus Mining started life as an exploration company in 2004 and acquired the historic Edikan heap leach mine in Ghana in 2006. Significant exploration success at Edikan saw a rapid evolution of the company from explorer to developer and then gold miner in August 2011.
Perseus Mining Limited started life as an exploration company in 2004, exploring several tenements that we owned in Ghana and Côte d’Ivoire. In 2006, it acquired new tenements in Ghana that had previously hosted heap leach mining operations from AngloGold. Exploration success at Edikan (Ghana) and a rising gold price environment saw a rapid evolution of the company from explorer to developer and then gold miner, with first gold produced at Edikan in August 2011.
Following the development of Edikan, Perseus rapidly developed a sustainable gold business in West Africa with good quality physical assets, quality management, financial resources and a strong social license to operate. The company recognises the importance of assets being spread across a variety of jurisdictions in order to spread the risks inherent in the business.
In pursuing our strategy of becoming a multi-mine, multi-jurisdictional gold producer, developer and explorer, we developed our second gold mine, the Sissingué Gold Mine in Côte d’Ivoire, based on an exploration discovery made early in the company’s history. Since achieving commercial production at the end of March 2018, Sissingué has surpassed all expectations, routinely exceeding internal targets for run time, recovery and gold production.
In May 2019, we also started development of what will be Perseus’s third mine, the Yaouré Gold Mine, also located in the Côte d’Ivoire. This property was acquired by Perseus through the acquisition of Amara Mining plc in 2016. First gold is expected to be produced from Yaouré in December 2020.
By FY20, the combination of gold production from existing assets, including increased production capacity at Edikan, and the new production from Yaouré will lift Perseus’s gold production to more than 500,000 ounces of gold per annum at an AISC of less than US$850/oz.
Perseus is focused on maintaining this level of gold production and generating a cash operating margin of not less than US$400 per ounce for the foreseeable future by optimising and extending the life of existing assets, and through the discovery and acquisition of new Mineral Reserves. Perseus remains a West African focused gold company.